Crane Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $100. During Marc...
Crane Company uses an imprest petty cash system. The fund was
established on March 1 with a balance of $100. During March, the
following petty cash receipts were found in the petty cash
box.
|
Date |
Receipt No. |
For |
Amount |
||||
| 3/5 | 1 | Stamp Inventory | $30 | ||||
| 7 | 2 | Freight-Out | 12 | ||||
| 9 | 3 | Miscellaneous Expense | 10 | ||||
| 11 | 4 | Travel Expense | 35 | ||||
| 14 | 5 | Miscellaneous Expense | 7 | ||||
The fund was replenished on March 15 when the fund contained $4 in
cash. On March 20, the amount in the fund was increased to
$180.
Homework Answers
The required journal entries for the given transactions are shown as follows:-
Journal Entries (Amounts in $)
| Date | Account Titles and Explanations | Debit | Credit |
| March 1 | Petty Cash | 100 | |
| Cash | 100 | ||
| (To record the petty cash fund created) | |||
| March 5 | Postage Expense (Stamp inventory) | 30 | |
| Freight-Out | 12 | ||
| Miscellaneous Expense (10+7) | 17 | ||
| Travel Expense | 35 | ||
| Cash Over and Short (bal fig) (96-30-12-17-35) | 2 | ||
| Cash (100-$4 balance) | 96 | ||
| (To record the replenishment of petty cash fund) | |||
| March 20 | Petty Cash (180-100) | 80 | |
| Cash | 80 | ||
| (To record the increase in petty cash fund) |
Working Notes:-
a) Cash over and short is debited by the difference between cash used from the fund and total expenses paid in cash [i.e. $96-(30+12+17+35)]
Add Answer to:
Crane Company uses an imprest petty cash system. The fund was established on March 1 with a balance of $100. During Marc...
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Oriole Company uses an imprest petty cash system. The fund was
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following petty cash receipts were found in the petty cash
box.
Date
Receipt No.
For
Amount
3/5
1
Stamp Inventory
$35
7
2
Freight-Out
15
9
3
Miscellaneous Expense
15
11
4
Travel Expense
38
14
5
Miscellaneous Expense
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Can you give me the explanations in a bit detail so that I can make sense...
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*E7.19 (LO 5), AP Kael Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.
*E7.19 (LO 5), AP Kael Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Journalize and post petty cash fund transactions. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $200. 15 Replenished the petty cash fund by writing a check for $175. On this date, the fund consisted of $25 in cash and these petty cash receipts: freight-out $74.40, entertainment expense $36, postage expense $33.70,...
Oriole Company uses an imprest petty cash system. The fund was
established on March 1 with a balance of $120. During March, the
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box.
Date
Receipt No.
For
Amount
3/5
1
Stamp Inventory
$35
7
2
Freight-Out
15
9
3
Miscellaneous Expense
15
11
4
Travel Expense
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14
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The fund was replenished on March 15 when the fund contained $6 in
cash. On March 20,...
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Can you give me the explanations in a bit detail so that I can
make sense the way to solve this question? Thank you:)
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Crane Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $200. 15 Replenished the petty cash fund by writing a check for $197.00. On this date, the fund consisted of $3.00 in cash and these petty cash receipts: freight-out $92.00, entertainment expense $45.00, postage expense $40.00, and miscellaneous expense $19.00. 16 Increased the amount...
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